Monolithic Power Systems (MPWR) Q4 FY2025 earnings: revenue $751 million, up 20.8% on the year

Monolithic Power Systems, Inc. (MPWR) reported revenue of $751 million for Q4 FY2025, the quarter ended 31 December 2025, up 20.8% on the same quarter a year earlier. Net income was $172 million, down 88.2% on the year, and diluted earnings per share $3.46. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$751 million

+20.8% on the year · +1.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

26.6%

26.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$172 million

-88.2% on the year · -4.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.46

-88.4% on the year · -7.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 3 kept.

Revenue rose 20.8% from a year earlier: Fourth-quarter revenue was $751.2 million, up 1.9% from $737.2 million in the third quarter and 20.8% from $621.7 million a year earlier. The prior release's fourth-quarter range was $730.0 million to $750.0 million.
Full-year revenue up 26.4%: Full-year revenue was $2.8 billion, up 26.4% from $2.2 billion. Full-year GAAP net income was $615.9 million, or $12.75 per diluted share, against $1,786.7 million a year earlier, which included a $1,285.4 million foreign subsidiary tax benefit.
GAAP gross margin 55.2% in quarter: GAAP gross margin was 55.2% for the quarter, against 55.4% a year earlier. Non-GAAP gross margin was 55.5%, against 55.8%. Full-year GAAP gross margin was 55.2%, against 55.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	751	737	622	+1.9%	+20.8%
Cost of revenue	337	331	277	+1.8%	+21.5%
Gross profit	414	406	344	+2.0%	+20.3%
Gross margin	55.2%	55.1%	55.4%
Research and development	95.6	98.2	85.8	-2.6%	+11.5%
Selling, general and administrative	119	113	95.3	+5.2%	+24.5%
Operating income	200	195	163	+2.4%	+22.4%
Operating margin	26.6%	26.5%	26.3%
Pre-tax income	210	206	170	+2.0%	+23.7%
Income tax	38.1	25.8	-1,280	+47.7%
Effective tax rate	18.2%	12.6%	-754.9%
Net income	172	180	1,449	-4.5%	-88.2%
Net margin	22.9%	24.4%	233.1%
Diluted EPS	$3.46	$3.74	$29.88	-7.5%	-88.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	105	239	168	-56.2%	-37.4%
Capital expenditure	41.0	42.5	64.8	-3.5%	-36.7%
Free cash flow	63.9	197	103	-67.5%	-37.9%
Free cash flow margin	8.5%	26.7%	16.5%
Cash from investing	-11.6	128	519
Cash from financing	-77.3	-73.2	-685
Depreciation and amortisation	14.2	13.7	10.0	+4.0%	+41.8%
Share-based compensation	53.9	60.7	56.0	-11.2%	-3.7%
Buybacks	1.9	2.1	622	-9.5%	-99.7%
Dividends paid	74.8	74.9	61.9	-0.1%	+21.0%
Dividend per share	$1.56	$1.56	$1.25	0.0%	+24.8%
Diluted shares, weighted	49m	48m	49m	+2.3%	+1.4%
Shares outstanding at period end	49m	48m	48m	+1.7%	+1.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,531	3,568	3,146	-1.0%	+12.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	20.0	15.1	13.0	+32.5%	+53.9%
Other liabilities	643	623	458	+3.1%	+40.2%
Total liabilities and equity	4,194	4,206	3,617	-0.3%	+16.0%
Fixed assets	628	597	495	+5.1%	+26.8%
Goodwill	25.9	25.9	25.9	0.0%	0.0%
Intangible assets	8.8	9.1	9.9	-3.2%	-11.6%
Investments	157	188	171	-16.3%	-8.2%
Cash and equivalents	1,099	1,081	692	+1.7%	+58.9%
Receivables	256	242	173	+5.8%	+48.2%
Inventory	565	506	420	+11.7%	+34.6%
Other assets	1,455	1,558	1,631	-6.6%	-10.8%
Total assets	4,194	4,206	3,617	-0.3%	+16.0%

Questions

What was Monolithic Power Systems' revenue in Q4 FY2025?

Monolithic Power Systems (MPWR) reported revenue of $751 million for Q4 FY2025, the quarter ended 31 December 2025, up 20.8% on the same quarter a year earlier.

How much did Monolithic Power Systems earn in Q4 FY2025?

Net income for Q4 FY2025 was $172 million, down 88.2% on the year, and diluted earnings per share $3.46.

When did Monolithic Power Systems report Q4 FY2025 results?

Monolithic Power Systems filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	337	378	461	495	460	451	441	475	454	458	507	620	622	638	665	737	751	804	981	1,202
Cost of revenue	143	159	190	205	192	192	193	211	203	205	227	277	277	284	299	331	337	359	440	537
Gross profit	194	219	271	291	268	259	248	264	251	252	281	343	344	353	366	406	414	445	541	666
Gross margin	58%	58%	59%	59%	58%	57%	56%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%	55%
R&D	54.5	54.1	57.1	67.3	61.7	63.7	63.7	64.8	71.5	76.0	77.9	85.1	85.8	92.2	96.3	98.2	95.6	101	119	141
SG&A	61.2	68.6	71.9	71.8	66.1	70.8	71.7	63.2	70.1	81.0	86.1	94.4	95.3	92.2	105	113	119	103	119	167
Operating income	78.6	96.1	142	152	137	124	112	136	110	95.5	117	164	163	169	165	195	200	241	304	358
Operating margin	23%	25%	31%	31%	30%	28%	25%	29%	24%	21%	23%	26%	26%	26%	25%	26%	27%	30%	31%	30%
Pre-tax income	82.0	95.5	137	152	141	130	119	138	120	105	124	174	170	174	177	206	210	247	322	367
Tax rate	11%	17%	16%	18%	15%	15%	16%	12%	19%	12%	19%	17%	-755%	22%	24%	13%	18%	22%	20%	26%
Net income	72.7	79.6	115	124	119	110	99.5	121	96.9	92.5	100	144	1,449	135	135	180	172	193	257	271
Net margin	22%	21%	25%	25%	26%	24%	23%	26%	21%	20%	20%	23%	233%	21%	20%	24%	23%	24%	26%	23%
Diluted EPS	$1.51	$1.65	$2.37	$2.57	$2.45	$2.26	$2.04	$2.48	$1.98	$1.89	$2.05	$2.95	$29.88	$2.81	$2.81	$3.74	$3.46	$3.92	$5.22	$5.51
Operating cash flow	28.2	107	105	-18.2	52.2	219	90.2	176	153	248	141	232	168	256	238	239	105	250	228	290
Capital expenditure	17.6	26.9	11.8	7.3	12.8	8.9	7.8	27.1	13.8	16.0	31.5	33.8	64.8	40.3	48.1	42.5	41.0	70.8	82.4	69.3
Free cash flow	10.6	80.5	93.4	-25.5	39.4	210	82.4	149	140	232	109	198	103	216	189	197	63.9	179	145	221
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	3.7	4.1	4.5	5.5	622	0.0	2.6	2.1	1.9	n/a	n/a	453
Dividends paid	28.6	28.8	36.5	36.3	36.4	36.7	49.1	49.4	50.6	49.6	68.1	61.2	61.9	60.0	75.1	74.9	74.8	78.4	101	98.5
Shares outstanding	46m	47m	47m	47m	47m	47m	48m	48m	48m	49m	49m	49m	48m	48m	48m	48m	49m	49m	49m	49m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.